Another major Silicon Valley company is getting serious about Silicon Beach.
Social media company Twitter Inc. signed a five-year lease last month for the full use of a nearly 17,000-square-foot building on Main Street in Santa Monica. The company has occupied a small temporary space in the area since opening an L.A. outpost in 2011.
The technology company, which now has about 25 employees in Los Angeles, is expected to move into its new office at 1916 Main St. by June.
The single-story building with bow-truss ceiling and skylights sits just a block from the beach. The space was formerly occupied by ad agency Kastner & Partners, which moved in December to Playa Vista to be near other prominent agencies.
The building, which was marketed for lease by commercial real estate brokerage Lee & Associates, advertised the space for $4.75 a square foot a month, valuing the lease at about $4.8 million. The 50 parking spaces at the site were marketed for an additional $150 each a month.
Tibor Lody, a principal in the West L.A. office for Lee, said Twitter plans to use the office for sales and marketing purposes after building it out to suit its needs. Lody represented the landlord in the lease deal, along with Aleks Trifunovic and Keith Fielding, also of Lee. L.A. billionaire Don Hankey’s Hankey Investment Co. has owned the property since 2002.
“They’re going to go in and modify the building, and the landlord is doing some shell and core upgrades,” Lody said. “I think overall this was a good deal for both the landlord and Twitter. Both parties were really happy with the transaction.”
Derek Johnson, a managing director for Jones Lang LaSalle Inc. in Palo Alto, represented Twitter in the deal.
A vacant Santa Monica office building, once headquarters for the National Academy of Recording Arts and Sciences, has sold for $18.5 million.
The three-story “Grammy” building at 3402 Pico Blvd. and an adjacent 1.2-acre lot sold to West L.A. real estate investment trust Hudson Pacific Properties Inc. in an all-cash deal that closed Feb. 28.
Dallas developer Trammell Crow Co. and equity partner Westport Capital Partners of Wilton, Conn., announced last week that they had sold the property after buying it in 2010. The sellers had originally planned to demolish the 41,000-square-foot building designed by the late architect William Pereira and construct 260 residential units. The plans proved unpopular with the community, especially given the property’s proximity to the 10 freeway.
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